Compare refinance home loans for November

What are the best refinance rates right now?

Best refinance rates at 70% LVR

A 70% LVR means you have at least 30% in home equity (or a 30% deposit). Here are the lowest variable rates for 70% LVR in the Mozo database:

Lender	Home loan	Variable rate (p.a.)	Comparison rate* (p.a.)
HomeLoans360	Owner Variable Home Loan	5.14%	5.14%
Pacific Mortgage Group	Standard Variable Home Loan	5.14%	5.14%
People’s Choice	Basic Variable Home Loan	5.14%	5.15%
Heritage Bank	Discount Variable Home Loan	5.14%	5.16%
Bank of China	Discount Home Loan	5.18%	5.38%
Source: Mozo database on 4 November, 2025. Leading variable rates for owner occupier, principal and interest home loans with refinancing available. Rates on a $500,000 loan over 25 years, at 70% LVR.

*See the comparison rate warning above.

Best refinance rates at 60% LVR

A 60% LVR means you have at least 40% in home equity (or a 40% deposit). Here are the lowest variable rates for 60% LVR in the Mozo database:

Lender	Home loan	Variable rate (p.a.)	Comparison rate* (p.a.)
HomeLoans360	Owner Variable Home Loan	5.14%	5.14%
Pacific Mortgage Group	Standard Variable Home Loan	5.14%	5.14%
People’s Choice	Basic Variable Home Loan	5.14%	5.15%
RACQ Bank	Fair Dinkum Home Loan	5.14%	5.15%
Heritage Bank	Discount Variable Home Loan	5.14%	5.16%
Source: Mozo database on 4 November, 2025. Leading variable rates for owner occupier, principal and interest home loans with refinancing available. Rates on a $500,000 loan over 25 years, at 60% LVR.

*See the comparison rate warning above.

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How much can you save by refinancing?

Just how much could you save by refinancing your mortgage?

If you’re with a Big Four bank and have the average variable rate of 6.04% p.a. (for 60% LVR), our analysis shows that you could save just over $3,000 in your first year by switching to the lowest variable rate in our database.

At 60% LVR, the lowest variable rate is 5.14% p.a. (5.14% p.a. comparison rate*) from HomeLoans360 and Pacific Mortgage Group – as at 4 November, 2025.

Amount saved by switching from Big Four to lowest in Mozo database (at 60% LVR)

Interest rate	6.04% p.a. – Big Four average variable	5.75% p.a.	5.50% p.a.	5.14% p.a. – lowest variable overall
Monthly repayment	$3,234	$3,146	$3,070	$2,964
Monthly savings	–	$88	$164	$270
Yearly savings	–	$1,056	$1,968	$3,240
Interest paid over 25 years	$470,123	$443,660	$421,131	$389,164
Potential savings over 25 years	–	$26,463	$48,992	$80,959
Source: Mozo database on 4 November, 2025. Repayment figures for owner occupier, principal and interest variable home loans by switching from Big Four, at $500,000, 60% LVR.

Thinking about switching? See our top picks of cheap home loans.

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Pros and cons of refinancing

Refinancing can help you save money on your mortgage, but there are other benefits and drawbacks you should consider.

Pros

Lower your interest rate and reduce repayments: Switching to a lower interest rate can reduce your monthly home loan repayments. For example, going from an interest rate of 6.25% p.a. down to 5.75% p.a. can save you $152 a month, on a $500,000 loan paid over 25 years.

Shorten your loan term: Shortening the length of your loan can help you spend less on interest and pay off your home loan faster. Keep in mind that shortening your loan term will make your monthly repayment amount go up.

Change the type of rate you’re on: Refinancing allows you to switch from a variable rate home loan to a fixed rate and vice versa. If you leave a fixed rate early, you may need to pay a break fee.

Add or remove home loan features: You may want to refinance so you can add features such as an offset account or free home loan redraw. If you’re paying for features you don’t need, refinancing can help you get rid of them.

Access your equity: Your home equity is how much of your property that you own outright. When you refinance, you can borrow more against that equity, and use it to buy an investment property or pay for renovations.

Cons

Cost to refinance: You may need to pay a discharge fee when you close your home loan with your current lender, and your new lender can also charge fees for setting up a new home loan. Make sure that the money saved by refinancing isn’t cancelled out by the costs of doing so.

Paying lenders mortgage insurance: If you’re refinancing your home loan and you have less than 20% equity in your home, you may need to pay lenders mortgage insurance (LMI) to your new provider – whether or not you already paid for it with your first lender.

Not qualifying for a new loan: Your circumstances may be different from when you were first approved for a home loan. When you apply to refinance, your application could possibly be rejected which would negatively impact your credit score.

Risk of losing equity: When you borrow more money against your home equity to pay for expenses such as an investment property or renovations, you are taking on more debt, and your repayments are likely to increase.

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Why LVR is important when you refinance

Your loan-to-value ratio (LVR) is the amount of money you need to borrow to buy a property, expressed as a percentage of the property’s value. Your LVR is likely to decrease as you pay off your home loan, because you own a higher percentage of the property outright.

LVR is important when you refinance because banks and lenders are more likely to offer you a lower interest rate if you have a lower LVR. In other words, the larger the portion of the property you own, the better your position is to negotiate a lower interest rate.

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What types of refinancing are there?

There are a few different types of home loan refinancing, here’s what each type does:

• Refinancing for a lower rate: when you switch from your current home loan to a new one to get a better interest rate, a different loan term, or both. Your loan amount will not change when you do this.

• Cash out refinancing: when you refinance your home loan, and also borrow more money. The extra money you borrow is taken out from the home equity you have built up, so your loan amount will increase.

• Consolidating your debt: when you combine your debts, such as a home loan, credit card or personal loan into one larger debt, making it easier to manage your repayments.